How the mighty GE has fallen. The legendary company under Jack Welch who turned out world-class managers, the envy of CEOs, is now a shadow. It can’t seem to do anything right, even under its first leader from the outside who is a noted turnaround manager. The tide has gone out and GE has been revealed as naked. The company still has a deep reservoir of talent and technology, but it is struggling in the marketplace, particularly in its power division. The CEO is having the division report directly to him and he is splitting it into two parts for simpler management. If the company can turn the corner, it might be able to rebuild its reputation, but it is unlikely it will never again reach the exalted heights it once had. GE is a reminder that no company is ever safe. There are always circumstances that can drag it down and success today does not mean success tomorrow.